In recent years, a profound shift in attitudes toward marriage and homeownership is taking hold across Asia, driven by a combination of economic pressures and changing cultural values. Increasingly, young Asians are opting for singlehood, reshaping both personal lifestyles and the real estate market.
The traditional societal expectation to marry and have children is losing its grip, particularly as economic challenges mount. According to the United Nations, women are now having fewer children than they did in 1990, and a 2023 report from the University of Washington predicts that by 2050, 97% of countries will fall below the replacement fertility rate. In Asia, single-person households have become the fastest-growing household type globally, with nearly half of this increase occurring in the Asia-Pacific region, according to Euromonitor International.
South Korea, for example, has experienced a dramatic decline in fertility rates, which have remained below 1.3 children per woman for over two decades. By 2023, nearly 42% of South Koreans lived alone, giving rise to the term “bihon,” a concept that embraces the decision to remain unmarried. Meanwhile, Japan, with the world’s oldest population, faces mounting social issues such as “hikikomori” (extreme social withdrawal) and “kodokushi” (lonely deaths), which have started to affect housing markets and landlord concerns.
In Singapore, where the fertility rate fell to a historic low of 0.97 in 2023, family sizes are shrinking. Housing units once designed for families now cater to smaller households. Dr. Nai Jia Lee, head of real estate intelligence at PropertyGuru Group, attributes this shift to the financial burden of child-rearing, work-life balance pressures, and economic uncertainty, including the effects of climate change. These factors are prompting a growing number of singles and smaller households.
The economic landscape is contributing to a sense of despair, particularly among young people. Research from the University of Pennsylvania highlights how economic pressures—along with a sense of disillusionment following the COVID-19 pandemic—have led to a rise in movements such as “tang ping” (lying flat) in China, where young adults are rejecting traditional career and family paths in favor of a more minimalist, disengaged lifestyle.
In 2021, China reported 239 million single people aged 15 and older. The average age of marriage had risen to 28.67, up from 24.89 in 2010, signaling a profound shift in priorities. This trend aligns with President Xi Jinping’s call for a “new culture of marriage and childbearing,” which seeks to counter declining birthrates following decades of the one-child policy. However, the steep cost of living, including housing prices that are disproportionately high compared to incomes, has made homeownership—and by extension, raising children—seem like an unattainable goal for many young professionals. The residential price-to-income ratio in China stands at a staggering 29.59, making it difficult for many to commit to the financial obligations associated with property ownership.
In South Korea, high housing costs, such as the exorbitant jeonse rental deposit (around USD 309,000), further exacerbate the challenge of starting a family. In response, the government has implemented pilot programs inviting overseas Filipino workers to help with childcare, but results have been mixed.
Despite the demographic shifts, the Philippines remains a leader in Southeast Asia for singles, with 64% of its population aged between 15 and 64—a demographic “sweet spot” for the housing market. Developers in countries like the Philippines and Indonesia are capitalizing on this trend by focusing on affordable residential products tailored to the needs of young, single professionals. In Manila, where there are thousands of unsold ready-to-occupy units, developers are targeting this demographic to clear lower mid-income inventories.
“The potential for future wage growth among millennial and Gen Z workers is driving demand for affordable housing options,” explains Joey Roi Bondoc, Associate Director of Research at Colliers Philippines. “These buyers may eventually be able to purchase residential units as their salaries rise.”
In Singapore, where demand for smaller homes continues to grow, innovative housing solutions are being tested, such as co-living models for independent seniors. These models aim to provide affordable, community-focused living options for aging populations, further driving the diversification of real estate offerings.
The shift toward smaller households is also being seen in China, where developers are focusing on shared housing and multi-functional living spaces rather than traditional family-oriented homes. The trend is likely to continue, leading to a structural change in the housing market. “We may see a stabilization, or even a decrease, in property prices in certain segments of the market, particularly where demand for larger homes declines,” says James Woo, co-head of valuation for China at Colliers.
The rise of single-person households and smaller family units may eventually give way to the growth of self-contained townships and mixed-use, master-planned communities designed with the needs of unmarried individuals in mind. This shift will likely lead to increased urban densification, as more singles seek city living with enhanced services and amenities.
However, even as individualism grows, traditional family obligations remain influential. In China, some men still reside in “bachelor villages” in rural areas, while in Singapore, singles often bypass government housing programs in favor of private properties located closer to their aging parents.
“The decision to purchase a home is influenced not just by personal needs but also by considerations of future capital gains and family obligations,” notes Dr. Nai Jia. The balance between caring for aging parents and the desire for independence is another factor driving the decline in birthrates across the region.
As countries grapple with the consequences of lower birth rates, the global economy may be impacted by a shrinking workforce. While discussions on migration and population decline continue, it is clear that the trend toward childlessness and delayed family formation is reshaping both real estate markets and societal norms.
“Women, increasingly independent and educated, are prioritizing career and personal development over traditional roles as wives and mothers,” says Woo, noting that these new dynamics will continue to influence economic and social landscapes.
As societal norms evolve and acceptance of childlessness increases, future generations will face the decision of whether homeownership remains a significant aspiration. The changing landscape suggests that in the coming years, real estate markets may need to adapt to meet the needs of a younger, more diverse, and increasingly single population.
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